Scammers will also be very persistent in closing the deal quickly.
British people do not seem to have learned much since the bad days of slick, ruthless timeshare bandits.
Scammers will rely on their victims’ ignorance, greed and general antipathy towards checking things out.
If you are being persistently pushed to make a financial decision, just walk away.
Regarding your article about the Chartered Insurance Institute launching an exclusive qualification with St James’s Place (September 6): I have some concerns that I fund the CII and they have built an exam exclusively to a competitor network.
I am not saying this is wrong as the qualification on inclusive financial planning is one that is clearly needed.
However, I would be interested to know if some of the resources I fund through subscriptions is used for such a project.
Name and address supplied
FCA must be accountable
The FCA should be held accountable for its actions if it deems itself fit to authorise a company, be it an advisory company or a investment provider, that later goes bust.
I have worked in the financial services industry for my whole career – the past 20 years as an adviser. I initially worked as a tied adviser for HSBC Bank for the first four years.
I feel everyone deserves whole-of-market independent advice irrespective of their wealth and only by assessing the whole market will they secure the best cover, investments and mortgages.
I have seen a lot of changes over the years, normally relating to fees levied by the regulator, although I fail to understand what is provided in return –the regulator seems to be untouchable and never held to account.
You will see that the regulator has given authorisation to numerous investment companies for which the advisory market accepts that the investment they are recommending has gone through rigorous scrutiny and checks by the regulator and are satisfied with the stability and nature of the product.
When the product or provider goes bust the regulator pushes the blame on the adviser who recommended the product and seeks redress via the Financial Services Compensation Scheme. I am not surprised we are currently seeing a massive shortage of advisers, which is predicted to get even worse over the next couple of years.
Who’s responsible for the British Steel pension fall out?
How are advisers supposed to predict when an investment provider is going to be insolvent when the regulator, which has much wider access to a providers’ business model and financial information and is content to grant authorisation, is supposed to be held accountable?
I fear for what the future holds.